Question

What are the agency functions of commercial banks (any two)

Answer 1

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Answer 2

ANSWER

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Agency Functions :- A commercial bank serves as an agent for its customers in the following ways :-

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•Collects check, bills, dividends, interest rates on behalf of customers.

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•Pays tax, bills, friends taxes, interest insurance premium, fees subscriptions on behalf of costumers.

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•Purchases and sells securities on behalf of customers as per their instruction.

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•Acts as Trustee, executive director in financial matters for their customer.

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•Acts agent or crespondent for other Banks at home and abroad.

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#BAL

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